Hey, couch potato . . . if you love to click
that remote and can't get enough entertainment in your life,
here's a fund worth getting up for. The Gabelli Global Growth
Fund even had your name on it when it first came to market; it was
called the Gabelli Global Interactive Couch Potato Fund.

The couch potato that Gabelli Asset Management Inc. was
referring to when it introduced the fund in 1994 was no slouch,
however. He or she was a leisurely, savvy investor who knew that
industries like cable, telecommunications, the media and
entertainment offered some hot stock prospects-especially when
bought at the right price. It was that kind of investment thinking,
after all, that Mario Gabelli, chairman and CEO of Gabelli Asset
Management, built his reputation on.

Now, more than five years later, this global growth fund has a
five-year average annual total return of 39.25 percent. And
it's ranked No. 1 in its category by Lipper Inc. for the three-
and five-year periods ending December 31, 1999.

Marc Gabelli, Mario's son, has been the fund's portfolio
manager for the past four years. When making his stock picks, the
young Gabelli seeks companies with good management and prefers to
look at assets rather than stock screens. "I visit with
companies and look for good managements in industries that are at
the forefront of change and are trading at discounts to their asset
values," says Gabelli.

This value-focused approach has kept the fund's money pretty
much out of technology stocks. Gabelli says technology is a capital
goods story and "capital goods have only a nine-month to
one-year life cycle." Therefore, he prefers companies with
strong content and solid distribution channels.

Gabelli likes the French company Vivendi, for example, because
of what you get when you invest in it. "It's a water
utility company and a media and communications company," he
explains. "You have a consistency of cash flow because Vivendi
provides water, and that's not going to go away in nine months.
And you have another part of the business with assets in
high-growth areas in telecommunications and media. So when we look
at Vivendi, we're buying the AOL of Europe and the Time Warner
of Europe for free, and the reason is because the market still
looks at Vivendi as a water utility company."

You'll find assets in the Gabelli Global Growth Fund doled
out primarily among the telecommunications, broadcasting,
publishing, wireless communications and global entertainment
industries. With about 90 holdings in the portfolio, the fund stays
geographically diversified with roughly half its assets typically
invested in U.S. companies. At the end of 1999, 38.8 percent of the
fund's assets were in U.S. holdings, 27.8 percent in Europe,
26.1 percent in Japan, 4.1 percent in Canada, 3 percent in the
Asia/Pacific region, and 0.2 percent in Latin America.

Interested investors need to be mindful that while
diversification among industries-and around the world-can minimize
their investment risk, even a top-ranked fund like this comes with
no guarantees. Some might even see its past performance as a
hindrance, because the best funds don't perform year after
year. Plus, it's a value fund, so Gabelli says investors need
patience.

In the end, however, it's a portfolio manager's ability
to pick good stocks that counts the most. So far, Gabelli's
been a winner. But there's no telling what the future might
bring.